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Changes in state law will allow most insurers to drop sinkhole coverage of charge separately for the coverage. The new legislation also makes it harder for homeowners to collect on a claim, and they must use any proceeds for repairs. Citizens, the state�s insurer of last resort initially considered premium increases of two thousand percent. Earlier today the staff recommended a fifty percent cap on increases. Scott says charging the correct premium is a delicate balancing act

“We did make changes this year,” Scott said. “So it shouldn’t be historical information. So that’s what I’m hoping they’ll do because, look we have to have a financially sound insurance program, we want insurance companies to come into our state. But we want to be fair to our citizens also.”

Sinkhole claims have far exceeded the premiums that insurance companies have been collecting over the last decade.